Investing.com - Wells Fargo & Co (NYSE:WFC) missed revenue forecasts, but its fourth-quarter earnings beat analysts' expectations on Tuesday as the company cut its operating costs and risk provisions.
The firm reported earnings per share of $1.21 on revenue of $20.98 billion. Analysts polled by Investing.com forecast EPS of $1.19 on revenue of $21.75 billion. That compared to EPS of $0.97 on revenue of $24.90 billion in the same period a year earlier. The company had reported EPS of $1.13 on revenue of $21.94 billion in the previous quarter.
"Our focus on reducing expenses enabled us to meet our 2018 expense target, and we are on track to meet our 2019 expense target as well," Chief Financial Officer John Shrewsberry said in the earnings statement.
Wells Fargo shares lost 0.35% to trade at $48.42 in pre-market trade following the report.
For the year, Wells Fargo shares are up 5.08%, a little ahead of the S&P 500 which is up 3.02% year to date.
Wells Fargo follows pattern set by Citigroup (NYSE:C), JPMorgan (NYSE:JPM)
On Tuesday, JPMorgan reported fourth quarter EPS of $1.98 on revenue of $26.80B, compared to forecasts of EPS of $2.2 on revenue of $26.9B.
UnitedHealth earnings beat analysts' expectations on Tuesday, with fourth quarter EPS of $3.28 on revenue of $58.42B. Investing.com analysts expected EPS of $3.21 on revenue of $57.93B
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